Doha: Ahli United Bank(AUB) reported a net profit of $257.2m for the nine months ended September 30, 2012, a seven percent increase over the same period in 2011. The earnings per share were 4.9 cents for the period ended September 30, 2012. This year’s third quarter net profit was 11 percent higher at $87.m compared to $78.6m for the same period last year.
Total operating income grew by 9.3 percent to $653.9m over the same period last year, contributed by a 13 percent growth in net interest income, 6.1 percent improvement in fee based income and a 7.1 percent increase in share of profit from associates and joint venture.
Key drivers of the increase in operating income were the 4.8 percent net growth in loans and advances and a 15.4 percent growth in the non-trading investment portfolio over December 2011, funded by a 7.1 percent increase in customers’ deposits. Prudent cost management contained the cost income ratio at 30 percent(YTD Q3/2011: 31.6pc) and contributed to improving profitability.
The non-performing loan ratio was maintained at 2.5 percent as at September 30, 2012. Overall provision coverage ratio (including collective impairment provisions) increased to 146 percent as at September 30, 2012 as compared to 135 percent as of December 31, 2011, as part of AUB’s ongoing prudent risk management strategy.
The group’s return on average equity increased from 13.1 percent to 13.3 percent while return on average assets for YTD Q3/2012 continued at 1.3 percent.
The Peninsula
